RE:Not a mystery....You are literally making stuff up.
"drilling wells that only produce 20,000-24,000 barrels of oil in the first year"
Thier IP 365, on average wells drilled and in operation is 112 boe/d.
41k / year. So this pretty much invalidates all the points in your post.
"BNE needs to be hitting 30,000-50,000 of oil production in the first 365 days"
They are, see above.
"I don't think it is a mystery on why Bonterra has the debt that they do...."
You're right, it isn't. They bought 170mm in assets in 2015 from Enerplus taking the debt from 150mm to over 330mm. It's remained mostly at that level since, being moderately reduced with a 2% GORR royalty sale in late 2017. They kept paying a dividend throughout, during 40-60 range oil over 4 years, so debt hasn't been reduced much since the Enerplus acquistion. Until this year, with the dividend now cut.